South Korea's Hanwha Chemical Corporation has announced that it has signed a letter of intent (LOI) to build a petrochemical plant in Iraq.
South Korean news agency Yonhap reports that the LOI was signed in Seoul by the president of Hanwha Chemical, Bang Han-hong (pictured), and Iraq’s Deputy Minister of Industry, Mohammad Zain.
Hanwha will build an ethylene cracking center and a plant to produce petrochemical products, and these facilities will be part of a larger, $4-million, ethylene and natural gas processing complex planned to be built in southern Iraq.
Construction is expected to be completed by 2020 or 2021. On completion the complex would have a capacity of 1 million tons of petrochemical products annually.
(Source: Textile News Korea, Yonhap, Ajunews)